Financial Daily from THE HINDU group of publications
Thursday, Feb 02, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 02, 2006 |
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New Projects Ras Al Khaimah to invest in infrastructure, ceramic projects Our Bureau
Hyderabad , Feb. 1 RAK (Ras Al Khaimah, one of the seven United Arab Emirates) Investment Authority is looking at investing in infrastructure projects and ceramic tile plants in India. "We will set up another plant in Gujarat. We are making studies in this connection. We hope to set up the plant next year," Dr Khater Massaad, Chief Executive Officer of RAK Ceramics and Adviser to the Crown Prince and Deputy Ruler of Ras Al Khaimah, said. Dr Massaad, who addressed a meeting of entrepreneurs here on Monday, said the $50-million ceramic tiles plant at Peddapuram in Andhra Pradesh would be operational in three weeks. About 50 per cent of the output from the plant would be exported, while the remaining would be marketed locally. Dr Massad, along with RAK officials, was touring top Indian cities, inviting entrepreneurs to the UAE constituent. Showcasing the trade opportunities and investment climate, he said RAK would be an ideal global manufacturing base for companies in chemicals, cement, pharma, packaging and manufacturing sectors. Also, getting necessary permissions was very easy. The Free Trade Zone revolutionised FTAs in the UAE, dividing business activities according to function, operational requirements and the needs of the surrounding community. Mr Puneet Kinra of PricewaterhouseCoopers (which is facilitating investments into RAK from Indian entrepreneurs) said investments to the tune of $1 billion were likely in the next financial year.
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